The Bank of Korea (BOK) is setting up a new Virtual Asset Team to watch over the crypto market and help with policy discussions, Yonhap News reported on July 29.
This group will also work with the government as lawmakers consider new rules for stablecoins and other digital assets.
The decision to form this team comes as some banks in South Korea are exploring digital tokens tied to the won. At the same time, lawmakers have started pushing new stablecoin regulations.
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The BOK also made several changes to its internal structure. The group that had been called the Digital Currency Research Team has been renamed the Digital Currency Team. A bank official explained that the new name shows the team is now focused on practical work related to digital currency, not just research.
Two more teams were also renamed. One will be called the Digital Currency Technology Team and will lead research in this area. The other, the Digital Currency Infrastructure Team, will handle the development of a digital voucher platform based on deposit tokens and build a test system for future projects.
Digital assets are already popular in South Korea, and the topic played a role in the recent presidential election. Lee Jae Myung, who supports expanding access to crypto, was elected on June 3. His proposals included legal support for stablecoins and crypto exchange-traded funds (ETFs).
Meanwhile, South Korea’s two main political parties recently introduced separate plans to regulate won-based stablecoins. What does each proposal include? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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